By Cristal Cody
Tupelo, Miss., Jan. 22 – Citigroup Inc. sold $2.25 billion of 2.666% fixed-to-floating rate senior notes due Jan. 29, 2031 (A3/BBB+/A) at a spread of Treasuries plus 90 basis points on Wednesday, according to a market source.
Initial price talk was in the Treasuries plus 105 bps area.
The fixed rate will convert to a floating rate of SOFR plus 114.6 bps in January 2030.
Citigroup Global Markets Inc. was the bookrunner.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
|
| Amount: | $2.25 billion
|
| Maturity: | Jan. 29, 2031
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 2.666%; resets January 2030 to floating rate of SOFR plus 114.6 bps
|
| Spread: | Treasuries plus 90 bps
|
| Trade date: | Jan. 22
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Price guidance: | Treasuries plus 105 bps area
|
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